Reserve Account for Charities

A versatile current account that gives charities instant access to their funds while minimising banking costs.

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  • Up to 30 free day-to-day transactions a month.
  • No annual or monthly account fees, with instant access to funds.
  • Open an account in three to five days, with no appointment needed.
  • Available in pounds only.
  • Minimum opening balance of £5,000.
  • Interest paid on balances in pounds above £100,000.

Eligibility

Available to charities.

Apply via your accountant or financial adviser.

We will not open the account without the correct value of deposit being received and will write to you to request the correct value of deposit if it is not supplied with your application.

Account holders must be 18 or older.

All Cater Allen Accounts are subject to status.

This account is subject to availability and may be withdrawn from sale at any time without notice.

More information

  • The account can be managed online, by phone or by post.
  • Day-to-day debit transactions on this account are: cheque withdrawals; Standing Orders; Direct Debits; bill payments and electronic payments. For details of other transactions which incur charges, for example CHAPS, please refer to our Banking Tariff.

Interest rates

Rates may vary and are correct as at 31 August 2018. Interest rates are variable and tiered. If interest is payable, it’s calculated daily and credited quarterly.

Reserve Account for Charities - £ pounds

Balance Gross % p.a. AER % p.a.
£500,000+ 0.40% 0.40%
£100,000+ 0.25% 0.25%
£5,000+ 0.00% 0.00%

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

    How to apply

    Please contact your financial adviser or intermediary if you wish to apply for an account with Cater Allen. If you don't have a financial adviser or intermediary, please contact us on 0800 032 7095 to discuss your options.

    Step 2:Please contact your financial adviser or intermediary:

    Please contact your financial adviser or intermediary to discuss opening the account and completing an application form.

    If you don't have a financial adviser of intermediary, please contact us on 0800 032 7095 to discuss your options.

    Once your financial adviser or intermediary has sent in your application, it will usually be processed within 5 days of us receiving it, as long as the application form is completed correctly and accompanied by all required documents. Application forms we receive which are incorrect or incomplete will be automatically returned.

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    Why choose Cater Allen?

    We have over 200 years of experience working in the UK, aiming to deliver a high level of customer service whenever you need help.

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